At the end of the third quarter 2024, the high-end inventory increased by 48% to a record 292 listings compared to 197 last year and the previous record high of 283 listings in 2016. The majority (51%) of these listings were in the $2-$3 million range and 69% were in the $2-$4 million range. Eleven percent were $7,000,000+. Inventories began improving in Q4 2022 and now exceed the ten year average of 232 listings. Strong growth in inventory at the very high-end ($7mm+).
Sales volume is up at the end of the third quarter by 27% with a record 181 sales compared to 143 sales last year, and better than the ten year average of 115 sales. The majority (62%) of these sales were in the $2-$3 million range and 80% were in the $2-$4 million range. Seven percent were $7,000,000.+ and 3% were $10,000,000+. High-end sales volumes had a post-COVID retraction in 2023, but now are exceeding COVID peak levels. Wealthy millennials continue to drive the market for high-end properties on Cape Cod. Climate change risks, particularly sea level rise, and insurance that is costly, with limited coverage or not available, are increasing concerns for owners and buyers of coastal properties. Recent Florida hurricanes are likely to increase this sensitivity. Buyers will benefit from improving inventories and will find exceptional deals for high risk properties.
Property: 835 Sea View Avenue
Town: Osterville
Selling price: $22,750,000
Wianno gold coast waterfront location, contemporary Cape built in 2012 with 15,000 sq ft in the house guest house, and staff house. The 3.7 acre site features a sandy beach, pool, summer kitchen, wine cellar, gym, golf simulator, and 7 garage spaces. Listed for $30,000,000 and on the market for 816 days.
Days on market for high-end sales in the first three quarters increased by 14% to 100 from 88 last year and are significantly below the ten year average of 260. The range in days on market is wide from 1 to 975.
In the first three quarters, all of the 15 towns on Cape Cod had sales at the $2,000,000+ level. Barnstable led the pack with 33 sales (17 in Osterville) followed by Chatham with 25 sales, Orleans and Provincetown 19 sales, Falmouth and Harwich 15 sales. Harwich is remarkable with 15 sales compared to a 10 year average of 5 sales and Sandwich had 13 sales compared to a 10 year average of 3 sales.
The LandVest High-End Market Watch is a periodic review of select high-end markets in Maine, Massachusetts, New Hampshire, Vermont, and the Adirondacks. Market data are collected from Multiple Listing Services and do not include private listings. LandVest makes no representation as to the accuracy of the data and therefore is not responsible for any actions taken as a result of use of or reliance on this information.
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